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UPDATE: Senate Rescue Package Includes $14 Billion to Replenish CCC

Separate $9.5 billion funding for livestock and specialty crops

Congressional sources confirm that the Senate rescue package includes $14 billion to replenish USDA’s Commodity Credit Corporation (CCC) and provides $9.5 billion for ag producers impacted by Covid-19, including livestock and specialty crops (fruit, veggies and nuts).

The CCC currently has about $9 billion to use. So, this brings CCC borrowing authority to $32.5 billion — not the $50 billion asked for and cited previously by Sen. John Hoeven (R-N.D.), but above the $30 billion normally available. However, the $9.5 billion “is a different pot of money,” one source said.

Read original article: https://livestockauctioncattle.com/update-senate-rescue-package-includes-14-billion-to-replenish-ccc/

By: Drovers

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